BOULDER, Colo. (CBS News)

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Joey,3, rides her new bike.

It will be a tough Christmas for many financially strapped families this holiday season. One group in Boulder helped ease the stress with the gift of a bicycle.

Families who received the new bikes for Christmas said they're a great gift.
"We got 5 bikes for our kids. Obviously money's really tight now so getting free bikes, it's really nice," Ricardo Cervantes, Joey's dad said.

Joey's family was one of many who received free bicycles on Sunday at Boulder Indoor Cycling. 300 bicycles were given away by Community Cycles to families who otherwise could never afford such an expense.

"This will be the Christmas present because I lost my job and we don't have a lot so this will be a wonderful surprise for my children," Rosa Olsen a recipient of the giveaway said.

Olsen left with two new bikes donated just on Saturday by a local business.
She said this year the kids won't be the only ones who believe in Santa, she's a believer too!

"We often talked about how strangers will often feel the urge to give back and that's Santa Claus," Olsen said.

Community Cycles collects donated bikes year round.

They tune them up and give them away to anyone who shows up just days before Christmas.

"It's great to be able to provide this resource. Boulder is so rich in bicycles and they have come to us and we're able to give them out to people who need them so it's great to use that resource and get people engaged in cycling," Rich Points with Community Cycles said.

The event was open to everyone. Those who showed up and left with a new bike said the Christmas spirit is alive and well in Boulder.

Helmets were given away with the bicycles.

Some 40 volunteers with Community Cycles made this event possible.